Am I Eligible for Child Care/Elder Care Expenses?



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Am I Eligible for Child Care/Elder Care Expenses?

If you paid someone to care for a child or a dependent so you could work, you may be able to participate in the pre-tax account. This account is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13. The account is also available if you paid for care of a spouse or a dependent of any age that is physically or mentally incapable of self-care. You will be reimbursed up to the balance available in your account.

To Participate in the Plan, you Must Meet the Following Conditions:

You must have earned income from wages, salaries, tips, or other employee compensation. If you are married, both you and your spouse must have earned income, unless one spouse was either a full-time student or was physically or mentally incapable of self-care.
The payments for care cannot be paid to someone you can claim as your dependent on your Federal Income Tax return or to your child who is under age 19.
If your filing status must be single, head of household, qualifying widow(er) with a dependent child, or married filing jointly, you may take up to $5,000 each calendar year. OR, if your filing status is married filing separate, you may take up to $2,500 each calendar year.
The care must have been provided for one or more qualifying persons identified on your Federal Income Tax return.
You (and, if you’re married, your spouse) must maintain a home that you live in with the qualifying child or dependent.

What is a “qualifying” child or dependent? The child must have been under age 13 when care was provided and you must be able to claim the child as an exemption on your Federal Income Tax return. (For an exception to this rule, see “Child of Divorced or Separated Parents” in Publication 503, Child and Dependent Care Expenses.) A spouse who is mentally or physically unable to care for himself also qualifies. A dependent of any age that is physically or mentally incapable of self-care also qualifies if the person can be claimed as an exemption on your Federal Income Tax return.

What will I need in order to be reimbursed under this plan? You will need to provide the name, address and taxpayer identification number of the care provider. If the provider is an individual, you need the Social Security number. The receipts must show the service dates of the care given.

Can I also claim the expenses on my Federal Income Tax return? You cannot use the same expenses on your Federal Income Tax return. Your W-2 will indicate the amount of wages set aside for this Plan.

This information is NOT intended to be tax advice.
Please consult with your tax advisor for what is best for you.